How to Manage Your Money as a Full Time Blogger
Making a living as a blogger can be challenging, but definitely worth it. It gives you the opportunity to live your life the way you see fit, writing about a topic that you’re passionate about. However, one of the biggest challenges can be learning how to manage your money when working as a full-time blogger. Luckily, there are many ways to make this easier on yourself, and ensure that you’re never short on cash when you really need it. Let’s go over some tips on how to manage your money as a full-time blogger. And don’t forget, if you ever have an emergency need for quick cash, self employed loans can help.
1. Setting a Budget
If you’re making a living as full-time blogger, then there is already an ample amount of money coming in month to month. You should have enough data to look back, and accurately predict how much you’ll make each month to some degree. This will allow you to create a budget that sets how you will spend your money. Of course, needs come first, then taxes, and then you can set aside a portion to spend as you please.
2. Investing
“Make your money work for you” is an old saying with a lot of truth to it, and that goes for full-time blogger as well. You should always find ways to invest the money you make from your blogging, either back into your business, or into other ventures. If you’re confident in your blog, you could use some of your revenue to run ads, hire an SEO firm to touch up your site, or use any number of other ways to increase your traffic, and therefore, your revenue. Regardless of how you do it, you should dedicate some of your money towards making more money.
3. Review Your Analytics Often
There have been many bloggers who’ve been doing well for themselves, only to find that the money stops rolling in eventually. What happened? Well, if you pay close attention to your analytics, you can spot trends that could spell disaster for your blogging business, and stop them before they even start.
If you look over the data, and notice a lack of traffic, or maybe your monetization methods aren’t working as well as they used to be, you can fix these problems before they pile up, and become overwhelming for your business. And if you did neglect to keep track of your analytics and find yourself in a bad spot, self employed loans can help you get back on track.
4. Building Your Business Organically, or Not
Speaking of loans, you can often times jump start your blogging business with one, or you can work on simply building it organically. Building a business organically is when you take the money you make, and invest it back into your business like we talked about earlier. While this is playing it safe, a loan can really turbo-charge your progress, and set you on the path to success faster. Either way, consider the way your building your business, the money you’re making, and how much debt you should take on, if any.
5. Managing Expenses
When running any business you have to look at your assets, vs your liabilities. Assets are things that bring money in, such as ad revenue on your blog, while liabilities are things that take your money, such as paying your Internet bill each month. Running any business honestly just comes down to managing these two factors, and really, this wisdom can be applied to your life in general. Eliminate liabilities when possible, and invest in assets as much as you can, this will drastically increase your ROI.
Stay Smart About Managing Money
Managing money as a full-time blogger, or in life, is really just a matter of paying attention to what you’re doing. Many people get caught up with spending money, or making money, and their only real reality check is their bank statement each month, if they even bother to read it that is.
Don’t be like that. Micromanagement can be tedious, but the more your micromanage your money habits, the better off you will be. This is because such close attention to the money you spend and make will allow you to fine tune your blogging business, and your spending habits, allowing you to optimize the money you make, save, and spend. In the end, this meticulous approach will be vastly more rewarding that just sticking your head in the sand, and hoping everything works out.
